Smartphone usage to grow in 2014
June 16, 2014
It's no surprise that consumers around the globe are using their smartphones on a daily basis. Businesses also now accept mobile payments, which is a fast-developing trend amongst market leaders. Different applications and increased public broadband are two drivers behind a recent jolt to the portable device market. In fact, recent research suggests this trend will continue throughout the end of the year.
According to eMarketer, the mobile device market will grow 25 percent year over year by the end of 2014. Approximately 1.76 billion individuals will own and regularly use smartphones on a monthly basis, the New York-based market research firm said. That figure is projected to climb to more than 34 percent of the global population by 2017.
Consistent growth follows historical trend
New and emerging markets are beginning to fully embrace mobile device technology as developing countries establish more robust Internet infrastructures.
Global smartphone usage accounted for 15 percent of the world's population in 2012, which was more than a 58 percent increase from the year prior. However, as the rest of the planet continues to catch up with developed countries' mobile device usage, the change in mobile smartphone adoption will be less dramatic each year. An estimated 2.04 billion people will use portable devices in 2015 - a 16.3 percent year over year increase.
Certain nations will account for more smartphone usage than others, but eMarketer suggests that 15 countries will have more than half of their populations adopt smartphones by 2015. Mobile traffic in emerging markets will likely be on the rise in the coming years as well. Mobile payments are becoming a new trend amongst all smartphone users due to their convenience, among other things.
More specifically, Kenyan businesses have been integrating electronic payment systems into their business models due to high consumer demand for the service. A recent Bloomberg report found that twice as many Kenyans use their mobiles for financial transactions as have bank accounts. Citizens conduct $882 million in monthly payments.
The U.S. and the U.K. will reach majority smartphone penetration for their respective populations this year. American smartphone users comprise the second-largest mobile phone market in the world with nearly 164 million consumers, eMarketer added. China remains the largest smartphone-using nation in the world, and India is forecasted to take the second position in 2016.